hi friends,
As per the Income Tax Act 1961, Under which Block will the Following Assets Fall :
1 ) Borewells
2) Mobile & Telephones
Also Kindly mention the Rate of Depreciation on above as per Companies Act, 1956..
1 Replies
Radha Lohia
(CA,CS,M.Com)
(56 Points)
Replied 03 April 2012
You can treat Telephones and mobile phones as funiture if the following condtions are satisfied.
- Your telecom equipment can be depreciated once you use it for work or as a tool in your business. You may not claim a special deduction allowance, though, if you are not using this equipment mostly for work. That is, if you are not using it more than half of your time.
- The telephone must last more than a year since its first use.
- Your telephone should be something that is able to get worn out, or outdated.
-
Apply 10%.
and treat borewells as plant & machinery,thus depreciate @ 15%.
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